USDCHF Nears 0.9300, Dollar Rises Following Surging US T-Bond Yields

USDCHF Price Analysis – October 5

After recovering from lows the USDCHF is returning to levels near 0.9300 as the US dollar regained lost territory after three consecutive days in the red. The dollar has gained ground versus most of its main rivals on Tuesday, owing to higher US Treasury yields and a reasonable appetite for risk, as well as a positive tone in the world’s major stock markets.

Key Levels
Resistance Levels: 0.9547, 0.9472, 0.9375
Support Levels: 0.9230, 0.9175, 0.9080
USDCHF Long term Trend: Ranging
The USDCHF is trading around 0.9300, between the moving averages of 5 and 13, and was last seen trading at 0.9280, after breaking through the 0.9275 level. If the price starts to fall, the next support might be the horizontal level at 0.9175 if the market continues to make higher highs and lower lows.

Even so, a large breach of the 0.9300 support turned resistance level could be an early indication of trend reversal and a shift in focus back towards 0.9472 main barriers for validation. Dips should be kept at bay by the 0.9200 level, which is located near the horizontal support barrier.
USDCHF Short term Trend: Ranging
At this time, the USDCHF intraday bias is still on the rise. The rebound from 0.9230 should aim for 0.9300. In the meantime, a sustained break there will lead to a 61.8 percent retracement at 0.9375 levels. On the downside, a break of 0.9200 low level will resume a larger downtrend.

A break of the 0.9230 minor support level on the downside will make the intraday bias neutral and bring some consolidations initially. However, if the price breaks the downward boundary and settles below 0.9200, the bullish scenario may be invalidated. In this event, the pair may continue to slide towards levels of 0.9150.

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